2015 Fiscal Policy: FG approves new common tariff for ECOWAS

The Federal Government has approved the implementation of the new Common External Tariff (CET) for the Economic Community of West African States (ECOWAS) starting from 2015 to 2019.

In a statement signed by Ngozi Okonjo-Iweala, coordinating minister for the economy/minister of finance, the approval for the implementation of the new tariff was contained in the 2015 Fiscal Policy Measures.

According to the minister, the implementation of the ECOWAS CET 2015-2019 and its Supplementary Protection Measures (SPM) as well as 2015 Fiscal Policy Measures occur concurrently, and it took effect from April 11, 2015, after the expiration of the 30 days notice required under the provisions of the ECOWAS CET.

By this development, as from April 11, 2015, all imports arriving into the country shall be subjected to the new rates contained in the CET 2015- 2019 and 2015 Fiscal Measures without recourse to the rates applicable before the coming into effect of the ECOWAS CET 2015 – 2019.

“The approved SPM and Fiscal Policy Measures comprises of the Import Adjustment Tax (IAT) list which involves additional taxes on 177 Tariff Lines of the ECOWAS CET. A National List consisting of items whose import duty rates have been reviewed to encourage more development in strategic sectors of the economy. An Import Prohibition List (Trade), applicable only to certain goods originating from non-ECOWAS countries.”

In a statement signed by Wale Adeniyi, public relations officer of the Nigerian Customs Service (NCS), the comptroller-general of Customs, Dikko Inde Abdullahi, has directed immediate enforcement of the tariff provisions by all Customs Area Commands.

He urged all stakeholders to ensure compliance with the new ECOWAS tariff to enhance trade facilitation within and outside the region.